A banking syndicate dominated by Korean banks has sued Hainan Beihai Gas and its guarantor, Hainan International Trust and Investment Corp (Hitic), for outstanding debts of US$37.83 million. The 14-member syndicate is the biggest group of foreign banks to file a single writ against a mainland Itic, according to banking sources. The loan was arranged by OCBC Bank, KDB Asia, KEB Asia Finance and Sumitomo Bank. The legal action came after a lack of progress by Hitic in providing a repayment plan, the sources said. Hitic reportedly is to be merged with two other trust and investment corps in the province to pave the way for the setting up of a joint-venture commercial bank.